FinTech licensing help

For those who first suppose that the supply of your revolutionary monetary service requires one of many licenses issued by the Financial institution of Latvia, please go to the part of our web site about licensingto search out out concerning the licensing necessities for the supply of regulated monetary providers (accepting deposits, managing investments, elevating capital, issuing monetary devices, offering fee or digital providers cash, insurance coverage).

Reductions for contemporary digital fee service suppliers

The Legislation on Fee Companies and Digital Cash gives for monetary reduction for individuals who intend to supply solely revolutionary fee providers that require a license from a fee establishment or an digital cash establishment. That’s, for an individual who submits paperwork to acquire a license or register a fee establishment or an digital cash establishment, however intends to supply solely an revolutionary fee service, the doc evaluation payment is mounted at 450 euro

Then again, after registration or approval, a payment of EUR 1,000 per yr was set for a fee establishment or an digital cash establishment within the first three years of operation to cowl the prices of the Financial institution of Latvia, which. immediately or not directly associated to the regulation and administration of the monetary market and its members.

An current market associate that wishes to introduce an revolutionary resolution in its monetary service provision

Monetary providers, the place authorization should first be obtained, are regulated by numerous regulatory acts. Market members beneath the supervision of the Financial institution of Latvia have the correct to supply approved monetary providers after acquiring a license.

Market members don’t have to receive particular person permission from the Financial institution of Latvia to implement revolutionary options within the provision of their monetary providers. On the similar time, they need to assess that the revolutionary resolution doesn’t trigger vital modifications within the methodology of offering a monetary service or doesn’t create a brand new monetary service that has not been supplied earlier than. In such a case, the market participant should contact the Financial institution of Latvia. It’s all the time the accountability of the market participant to evaluate the administration of the dangers relating to the implementation of the revolutionary resolution and the affect on the exercise of the market participant.